Prosecution continues to push for Reagor confiscation judgment | KAMR
AMARILLO, Texas (KAMR/KCIT) – Prosecution officials have continued to urge the court to issue a judgment forfeiture of the money after Reagor-Dykes Auto Group co-founder Bart Reagor was convicted of making false statements to a bank by a jury in October 2021.
According to previous reports from MyHighPlains.com, this prosecution response is the latest in a long series of prosecution and defense documents surrounding the forfeiture, a request originally made by the prosecution team. on Nov. 2, 2021. The prosecution is asking Reagor to forfeit $1,760,000 obtained directly or indirectly as a result of the misrepresentation to a bank that led to his guilty verdict, the amount of the loan agreement between the Reagor-Dykes Auto Group and the International Bank of Commerce (IBC). Reagor was found guilty of intentionally lying to the IBC, using $1,766,277.77 of a $10 million capital loan for personal gain after officials told the bank he owed be used only for the growth of the automotive group.
“The notice also informed Reagor that the forfeiture could take the form of a “money” forfeiture judgment, in addition to a forfeiture of specific assets of $950,951.18 seized from a bank account belonging to Reagor. “, say the documents describing the initial request of the prosecution.
After this initial motion, defense officials responded in late November 2021, citing numerous federal rules of criminal procedure, asserting their belief that the prosecution had failed to meet its burden of proof for forfeiture. They also said they felt the fine was excessive, saying “the restitution sought by the government is nearly double (the amount) allowed by law.”
In new documents, released earlier this month, prosecution team officials reiterated that the amount of a judgment “is based on the offender’s ill-gotten gains, whether spent or not.” Officials also referenced numerous portions of testimony indicating that Reagor intended to take part of the working capital loan for his personal use, which if IBC officials knew, they would not have granted it to him. the loan. Officials also referenced Reagor’s own words regarding ‘OPM (‘other people’s money ;)’ and using other people’s money to boost his net worth, a clip shown to the jury during the trial of October.
“The defendant’s crime caused significant harm not only to IBC but also to other financial institutions,” the court documents say. “And his crime also implicated his partner and his employees, resulting in criminal convictions for several… The defendant’s conduct was exceptionally harmful and warrants full forfeiture.”
On Monday (January 17), there was no response from the Court on the confiscation order. According to previous reports from MyHighPlains.com, Reagor is scheduled to be sentenced at 10 a.m. on March 10 in Amarillo Federal Court.